During his monologue on The Late Show, Colbert jokingly referred to the college scheme as “sort of refreshing, in a horrible way” because U.S. President Donald Trump was not involved.

WATCH BELOW: Felicity Huffman, Lori Loughlin face college scam

“You know how conspiracy theorists say everything is rigged for the wealthy and famous? Well, as a wealthy famous person, let me just respond by saying: You’re absolutely right,” Colbert said to his audience.

Colbert referred to Full House‘s “Aunt Becky,” saying: “I know it’s shocking, but this is nothing new. Back in the ’90s, Loughlin was part of a notorious scheme where they made a pair of twins pretend to be one person.”

He was referring to Mary-Kate and Ashley Olsen, who played Michelle Tanner on Full House.

“No one knew. No one knew. Millions of dollars ripped off,” Colbert said.

Watch the clip in the video above.

The Late Show with Stephen Colbert airs weeknights at 11:35 ET/PT on Global.